Croydon is set to become London's biggest growth centre with more than £3.5bn of investment in the next five years
However, this is all about to change. As London’s urban sprawl continues, young professionals are looking for the perfect combination of luxury and affordable living.
The area already benefits from fantastic transport links. Residents can travel from East Croydon to Victoria in just 14 minutes. With major regeneration plans about to commence, Croydon is certainly making its case as London’s next hotspot. In 2013 London Mayor, Boris Johnson announced a regeneration plan for the area. He confirmed a £1-billion investment to transform the area’s economy and drive employment.
Plans will see public spaces transformed, the town centre revamped and the introduction of sophisticated, modern, new homes. Along with the Mayor’s commitment, Croydon is also finding support from the private sector. Westfield & Hammerson are joining forces and investing a further £1 billion in a new, international shopping destination: The Croydon Partnership. House prices are still at accessible levels. Croydon is currently the fifth cheapest borough in London and the perfect place to invest, especially considering the regeneration plans and consequently the predicted rises in house prices.
Croydon is one of London’s best-connected towns. Having access to the train, tube and tram residents of the area can easily make the commute to and from London. Such strong transit links are seeing a migration of new residents to the area, who are demanding high quality, livable property. That means Croydon property investment is ideal for you if you're looking for a London combination of luxury and affordable living for your portfolio.
Economy & Employment
£1.1 million economically active individuals are within a 30-minute commute.
Croydon is becoming a hotspot with both new and existing business taking up residency in the area. This may be due to its lower cost of office occupancy. (Commercial floor space costs £35 per sq ft compared to £161 in West End, £83 in the City of London and £56 in Hammersmith)
.Currently Croydon is home to more than 12,500 workplaces, which employ more than 110,000 people. Both financial services and tech are playing a large role in the area's employment.
Croydon makes up the fifth biggest cluster of financial services companies in London and is the fastest growing tech hub within London, led by the emergence of Croydon Tech City. It is the 10th biggest tech/media hub in London and second only to Hackney in terms of growth rates among existing tech clusters.
The fact is that Croydon is fast becoming one of London’s top employment hubs. There are already more than 20 blue-chip companies in Croydon. Along with the regeneration of the area, new residents are inevitably being drawn to Croydon for rich employment opportunities.
Investment
The £1 billion joint venture between Westfield and Hammerson will transform Croydon’s city centre into one of the most exciting retail and leisure districts in the UK.
With £3.5 billion currently being invested in the area, Croydon is set to become London’s fifth largest growth centre.
Public and private sectors are investing heavily in the area. The government has already spent £23 million on rejuvenating the town centre and high streets.
Westfield already has a track record for acting as a catalyst for growth in London. When they opened the doors of their Centre in Shepherd’s Bush, the local property market went through an explosive phase.
Estate agents strongly believed that the £1 billion-a-year shopping mall, where stores include Prada, Gucci and Louis Vuitton, transformed the image of an area and property prices would certainly support this argument.
After the opening of Westfield Shepherds Bush W12 saw some of the fastest rising asking prices in London, up 11.6% to £545 per sq ft.
Croydon is about to undergo the same transition that Shepherds Bush went through just a few years ago. Having the opportunity to potentially foresee an event like this is priceless.
Transport
Air: Gatwick airport, one of the UK’s biggest and busiest international airports, only takes 15 minutes by train. It serves over 200 international destinations.
Rail: East Croydon’s fast and frequent service gets to London Bridge in just 14 minutes and London Victoria in 16 minutes. With 24 trains per hour East Croydon has zone one accessibility.
Tram: Croydon has a frequent tram service that runs between Wimbledon and New Addington and Beckenham Junction. It stops at the popular Croydon Ikea and many of the local schools.
Road: Croydon is situated on the London to Brighton road. This means you can drive to the seaside in under an hour. It also has solid links to the M25 ring road which circles London and therefore has good access to all parts of London the city.
Bus: There’s a comprehensive bus service from surrounding parts of London with many 24 hour services. Perfect for nights out on the town.
Education
Local Croydon schools offer great education opportunities for young families.
Schools: 30 primary, eight secondary and nine independent.
Notable institutions include:
- The Whitgift School, a British independent day and boarding school for boys aged 10-18. It was called “an astonishing school” by Sir David Attenborough.
- Royal Russell School, an independent co-educational day and boarding school for ages 3-18. It's set in beautiful parkland and has the Queen as a patron.
Higher Education: Croydon College is an educational institution with 8,000 students, made up of a Further Education College and a University Centre.
London is home to some of the top universities and educational facilities. This means Croydon places itself perfectly for those looking to be close to such institutions.
Shops & Leisure
Shopping: The Croydon Partnership will revitalise Croydon’s shopping and leisure experience. Westfield alone have a reputation for creating “shopping destinations” which people will go out of their way to travel to.
London and Westfield Stratford see a combined footfall of 70 million per annum. The Croydon Partnership will see 1.5 million sq ft of new retail and leisure space planned, the area is being completely revitalised.
Leisure: As well as being moments away from central London, and all the offerings in the capital, Croydon has a lot to offer in terms of arts and entertainment.
The Croydon Clocktower is an arts and museums complex with an independent cinema.
Fairfield Halls is a large complex including a theatre, concert hall, gallery and studio. It has a diverse programme featuring everything from classical music to West End musicals, big name comedy acts and family shows.There are also a number of public green spaces and recreation grounds.
